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Econ 3012 (Spring 2022)

3012

Notes

Edited Class Notes

Raw Notes

Intro

This is the course website for Vanderbilt Economics 3012. This course focuses on the formal analysis of the behavior of individuals and firms and how these behaviors aggregate in a market. We will analyze market performance and determine how performance is influenced by various changes. This page will be continuously updated throughout the semester. Please check it on a regular basis.

Mathematical Level

Some concepts and formulas from differential calculus will be used, but most of the presentations, homework and exams will involve diagrams, algebra and analytic reasoning. A review of the relevant mathematical concepts will occur on the first day of class.

Textbook(s)

Intermediate Microeconomics with Calculus: A Modern Approach by Hal R. Varian. Workouts in Intermediate Microeconomics (Ninth Edition), by Theodore C. Bergstrom and Hal R. Varian.

To make sure the problems in your book match the problems assigned in the problem sets, please try to get the latest version of the workout book.

Problem Sets

Problem sets will consist of selections from problems in the workouts book, as well as problems I have written. The problem sets will be posted on this page in the schedule below. I encourage working on the homework in groups. The homework will be graded by the teaching assistant.

Exams and Grading

There will be one midterm and a final exam. They are tentatively placed in the schedule below. Grading will be based 30% on midterm exam, 50% on the final exam, and 20% on homework.

Office Hours / Teaching Assistant

Greg's office hours: TBA. TA: Qiao Lin. Office Hours: 1-3pm Tuesday. Zoom link: https://vanderbilt.zoom.us/j/8238830135. E-mail: qiaohairuo.lin@vanderbilt.edu.

Assignments

Problem Set 1. Due TBA.

Problem Set 2. Due TBA.

Problem Set 3. Due TBA.

Problem Set 4. Due TBA.

Problem Set 5. Due TBA.

Problem Set 6. Not TBA.

Schedule

Week 0: Overview of Syllabus & Chapter 2.1-2.7: Budget Constraint.

Week 1:

Chapter 2.1-2.7: Budget Constraint. Chapter 3.1-3.8: Preferences. Please Read: Review of Functions.

Week 2:

Chapter 3.1-3.8: Preferences. Chapter 4.1-4.5: Utility

Week 3:

Chapter 5.1-3&5.5 (Skip Lagrange Method).

Week 4:

Chapter 6.1-6.8: Demand.

Week 5:

Chapter 8.1-8.5,8.6-8.7: Slutsky Equation, Chapter 9.1-9.4: Buying and Selling

Week 6:

Chapter 9.1-9.4: Buying and Selling, Chapter 10.1-10.5: Intertemporal Choice

Week 7:

Chapter 15.1-15.2,15.5-15.6,15.8,15.11: Market Demand

Midterm Exam

Midterm exam covering Chapters 1-6 & 8,9,10 Key Concepts.

Week 8:

Review, Midterm Exam

Week 9:

Chapter 16.1-16.9: Equilibrium

Week 10:

Chapter 19.1-19.10 Technology, Chapter 20.1,20.5-20.10: Profit Maximization

Week 11:

Chapter 21.1,21.3-21.6: Cost Minimization, Chapter 22.1-22.3,22.5: Cost Curves

Week 12:

Chapter 23.1-23.9: Firm Supply

Week 13:

Chapter 24.1-24.6: Industry Supply, Chapter 25.1-25.7: Monopoly

Week 14:

Chapter 26.1-26.6: Monopoly Behavior, Chapter 32.1-32.7, 32.9-32.13: Exchange

Final Exam (Cumulative) Saturday, May 7 9:00-11:00am. Subject to Change

Key Concepts.

Additional Resources

Spring 2020 Virtual Lectures ch. 16-22

Extra Practice Problems

Selected Solutions for Practice Problems (Updated 12/15/2021)